Soybean acreage in the US decreased by 5%

This year, the U.S. farmers planted 83.5 mln acres of soybeans, which is 5% lower than in 2022, according to the report of the U.S. Department of Agriculture (USDA) analysts. The agency notes that despite the decline in the oilseed acreage, this figure still remains the fifth largest for the country in the history of observations.

The market participants previously expected that about 87-88.5 mln acres would be planted to soybeans in the United States. In the March USDA report, the estimate was 87.5 mln acres, so the updated figures were immediately reflected in the world prices – on the Chicago Board of Trade (CBOT), the quotes went up.

As for corn, the area under the grain in the U.S. in 2023 is estimated at 94.1 mln acres, which is 6% or 5.52 mln acres more than last year’s 88.58 mln acres.

“According to the USDA, this is the third largest planted area of corn since 1944,” the report said.

The total planted area of U.S. wheat in 2023 is estimated at 49.6 mln acres, up 9% from 2022.

“Wheat continues to show the largest projected percentage increase among the three major crops due to continued high global prices and tight global supplies, in part due to the ongoing war in Ukraine and drought concerns around the world,” the report says.

Tags: prices, soybean, USA